Standard Chartered has gone live on foreign-exchange (FX) and digital asset infrastructure provider Cobalt’s platform for its Prime Brokerage (PB) and Executing Broking (EB) business. Back in February 2020, Standard Chartered announced that they had signed as a client of Cobalt and this was followed by their investment in July of 2020. The announcement demonstrates that they have taken the next step in the partnership and are now live on the platform for both their PB and EB businesses.
Over the last few years, the foreign-exchange (FX) post-trade infrastructure provider Cobalt has designed and built a secure 24/7 middle office platform which it is delivering for some of the FX and Crypto market’s largest participants, with Standard Chartered the latest to go-live.
Credit management, in Prime Brokerage businesses in particular, has been widely mismanaged in recent years. As major banks now look to improve their profit margins and manage credit risk correctly, technology like Cobalt’s is leading the way. Available across all market segments, Cobalt clients can monitor their portfolio of positions and risk across all currencies.
This announcement follows the news that Cobalt expanded its business to now include digital assets and is already connecting to the leading digital exchanges, offering full credit and ledger services.
Andy Coyne, Chief Product Officer and Co-founder of Cobalt, says: “This past year has shown that the need for fully automated solutions is essential. Institutions have been hampered by antiquated services across their middle office for some time now and they are beginning to wake up to the realisation of the time and cost burden this represents.
“Since signing as a client in February 2020, Standard Chartered’s presence in the Cobalt network has been of great value to our business both as a client and an investor. With them now live on the platform for both Prime Brokerage and Executing Brokerage business, this demonstrates the versatility of Cobalt’s platform and how it can be applied for all market participants. As we enter the next stage of Cobalt’s investment and product journey, we look forward to having an institution of Standard Chartered size as key proponent of our system.”